Volatility Skew Shows Defensive Tilt in Markets
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 3 February 2026
⏱️ 42 minutes
🧾️ Download transcript
Summary
The latest in finance, economics and investment.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyTuesday, February 3rd, 2026
Featuring:
1) Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, discusses why the crash in gold and silver is not a threat to the equity bull market.
2) Jed Kolko, Senior Fellow at the Peterson Institute for International Economics and former Under Secretary of Commerce for Economic Affairs in the Biden administration, discusses the US labor market's mixed signals.
3) Eswar Prasad, Professor of Trade Policy and Economics at Cornell University & Senior Fellow at the Brookings Institution, on his new book 'The Doom Loop: Why the World Economic Order Is Spiraling into Disorder'
4) Alexis Christoforous joins with the latest headlines in newspapers across the US, including New York Times reporting on the rise of Super Bowl scams, and a Business Insider story on how tailors say Ozempic is reshaping Wall Street.
See omnystudio.com/listener for privacy information.
Transcript
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| 0:00.0 | Bloomberg Audio Studios. |
| 0:04.7 | Podcasts, Radio, News. |
| 0:11.9 | This is the Bloomberg Surveillance Podcasts, |
| 0:15.3 | Catch us live weekdays at 7 a.m. Eastern on Apple, CarPlay, or or Android Auto with the Bloomberg business app. Listen on demand |
| 0:23.2 | wherever you get your podcasts or watch us live on YouTube. Julian Emanuel with his chief equity |
| 0:29.3 | quantitative strategist at Evercourt, ISI with an incredible note. I can't say enough about this. I mean, |
| 0:35.6 | is Stephen Fandoz doing all the work? He's doing a lot of work. |
| 0:40.0 | With the summary paragraph you have, which is like 10 sentences long, maybe eight sentences long, |
| 0:46.3 | how do you create the math? How do you collate in your summary where earnings are modeling up 15.6%. |
| 0:54.7 | It's, you know, really taking all the statistics and extrapolating the potential surprises |
| 1:02.1 | and the beat percentages. |
| 1:04.9 | I mean, there's an enormous, as you know, amount of statistical work that goes into it. |
| 1:10.0 | But the bottom line is, this is another |
| 1:12.8 | extraordinary earnings. You even look like Bill Murray. It's Groundhog Day. Every 90 days, the world's |
| 1:18.2 | coming to an end ball. Yep. And then Julian goes, no, double digit. What a shock, double digit. |
| 1:23.4 | Double digit. Julian, so what are you looking for in earnings? What do you think the market's |
| 1:26.8 | is looking for in earnings this period so the the issue with the start of this season is there was an expectation |
| 1:35.6 | that it was going to be a strong it's actually incrementally stronger than expected but the reason |
| 1:42.0 | the market hasn't gone you know streaming, streaming through 7,000 on the |
| 1:46.3 | S&P is that after the last several quarters, where you had surprises on the order of 6% or so, |
| 1:53.7 | above the baseline expectation, getting you to that double-digit number, we thought it would |
| 2:00.3 | happen again. |
... |
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